Now that a U.S.- based development enterprise has acquired Royal Island in Eleuthera, investors are eyeing the unspoilt land for an upscale luxury community of private homes.
Cypress Equities has announced that it now owns Royal Island, which is near Harbour Island and just under 200 miles east of Miami and its principals plan to develop it into a private residential community, an 18-hole golf course, exclusive five-star resort and marina.
The island was purchased from a group of private investors, the company said.
The government is in the process of drafting a Heads of Agreement with the investors, the Minister of Financial Services and Investments Vincent Peet confirmed to The Bahama Journal.
“The project was approved in principle and the investors plan to spend about $500 million on phases one and two,” he said. “The application is being processed and clearly this is one of those exciting large scale projects that will benefit the country and add some quality jobs.”
He indicated that further meetings are planned with the developers.
According to Cypress, development plans are still in the initial stages and being designed to appreciate the unique beauty and potential of the property.
Some of the island’s most outstanding features are the 30-foot cliffs and having the largest natural protected deep-water harbor in the Bahamas at its centre.
The latter means that Royal Island will feature a marina capable of docking yachts ranging from 20 to over 200 feet in length, according to initial plans.
The investors’ vision calls for the island to offer single-family estate sites nestled within private enclaves with breathtaking ocean views.
The development is projected to include a luxury, boutique resort with deluxe spa and both fine-dining and casual restaurants and a deep-water marina surrounded by a village centrr of retail shops and amenities.
“This will be a high-quality development unlike anything else in The Bahamas,” said Chris Maguire, president and chief executive officer of Cypress Equities.
“We’ve assembled a top-notch development team to ensure that we reach our goal of making Royal Island the new standard for luxury living. Every detail of the design and placement of the homes and amenities is being carefully considered to assimilate naturally into this island paradise,” he added.
The ultimate intention is for Royal Island to become known as the ultimate destination for those individuals looking to retreat to the most exclusive resort and private estates in The Bahamas.
Formed in 1995, Cypress Equities is the acquisition and development affiliate of Staubach Retail which focuses mid size to large scale projects.
The administration of Prime Minister Perry Christie has been on a crusade to attract substantial levels of foreign direct investments to the country and secure at least an anchor project for every island as an economic boost.
He conceded that the process of acquiring land in The Bahamas is a little different than his company is used to.
“It’s tougher to buy a property in The Bahamas and build on it than in the U.S.,” he noted, adding that the process takes a little longer, although the government is trying to streamline it.
“But this is an incredible opportunity. Ten or 15 years from now, land prices (in the area) will increase, and land will become scarce. That is what happens when developers find a place,” he added.
No facilities will be constructed to accommodate air travel and Royal Island will be accessible via 10-minute transport by water craft from the neighboring island of Eleuthera or yachts entering the marina, the company said in a statement.
By: Tameka Lundy, The Bahama Journal
